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Been watching this all day and probably will continue to until closing. These are phenomenal grades. I guess I can see how someone could criticize the intervals as being too short but it's hard to refute the grades. Have you seen anything like this?
Oh yeah:) I'm feeling it as well. I like seeing movement like this and also the ability to find higher support levels - all on no press release. That said, this is likely anticipation of the press release that's been expected any of these days. I'm kickin back and going along for the ride.
Wow...the stars are aligned, now we need are some drill results. We're in the strong seasonal period for gold, traders are coming back to their desks after Labor Day, gold is breaking out and could be at a new all time high in days...now is the time for some butt-kicking news if there ever was one.
I have my homepage set to Kitco so I saw the price of gold was up. I was guessing CSI was going to be up as well. It is a very good day indeed.
CSI looking good today. We are bouncing back hard...just need some volume but price action is looking very good.
Interesting day! The stock sold off hard on light volume this morning but volume came in and started pushing the stock back up right as it hit the 50% fibonacci retracement of the move from 2.80 to 3.80. While volume was greater than the daily average, it was still substantially less than on the recent big up days and we closed with a white candle. This is the type of correction we want to see, fast destruction of price on relatively lighter volume. We'll see how it goes tomorrow, but I thought today was productive in the sense that we hit the 50% fib and bounced off it and the stock has now receded from overbought (though not by much) on the daily chart. Tune in tomorrow for the next episode!
sluice - not sure about Sprott. The latest presentation says 50% institutional ownership so my guess is that Sprott is probably a good chunk but not all of that.
I really like that article regarding the depleted palladium stockpiles. Nice posting. I was hoping to get ahold of IR but like you may have said already, they're out until the 10th or so. I'm really curious to see if they can clarify some of the institutional holdings for the company though. I heard that Sprott Assets has, and still does, hold up to 50% of the shares. That's amazing if that's true.
Drill status report:
http://colossusminerals.com/_resources/serra_pelada_aug-21-09.html
They did a nice job on the drill status report, I like the format even better than EVG's. Three drill rigs are on site and drilling and will be doing so until the end of the year. They are still waiting for assays from the lab. It was not clear from the response whether some of the assays might have been received back yet though. The metallurgical test work is ongoing. All re-assay of historical cores and check assays of CSI-drilled core has been completed.
An updated version of the corporate presentation got uploaded to the Colossus web site yesterday. As far as I can tell, the only thing that has changed is that the number of warrants has decreased and the number of outstanding shares has increased. The warrants that got exercised appear to be:
$1.00 - 45,000
$0.55 - 77,500
Article on palladium market...
http://www.miningweekly.com/article/russian-palladium-stocks-depleted-arm-2009-08-31
My pleasure, sluice, would be interested in your thoughts after you have had a chance to take a peek, either here or on the EVG board.
Hey, thanks for doing that. One thing I've learned in the last few years is that I have to go back through my little library of companies I've researched over the years and compare how far they've advanced themselves. Price just doesn't say it all right now because everything's down, thus making their advancements appear stagnant if you haven't kept an eye on them over several months or more. I'll give Evolving Gold a looksie again, so thanks.
sluice - I would encourage you to take a real hard look at EVG. Drill plays are not for everyone, but what they have shown in Wyoming already has taken it beyond the "hoping for a discovery" stage to "figuring out how big it is". The JV with Newmont looks like it is about to pay off in spades. There are no assays back yet from Carlin in Nevada, but as soon as they saw the core from the first hole, they brought in a second rig. They have visually interpreted the core as Lower Plate rocks, (silty limestone with orpiment and realgar). If nothing else, check out the video on their home page, they did an awesome job on that. I've watched it about five times and get something new out of it every time.
Best,
tsl
That's great. I'll give them a try myself. Haven't talked to the CEO yet. That would be interesting. I used to be a shareholder for EVG back when they were 25 cents. Got out at .50 though. Did that newmont JV work out for them?
sluice - I actually called the company today and those were some of the questions I intended to ask. The IR person was not in the office and is going to be out from 9/2 - 9/10. I tried to reach the CEO but got voicemail. Will try again tomorrow. That is an area where they could put some effort. Evolving Gold and Oro Gold are two companies setting a good example for updating shareholders on drill program progress, particularly EVG. I went through the corporate presentation which was updated in August but there was not much detail on the drill program status. Anyway...we will see what can be sussed out...
Do you know much about the drilling program. It was a while ago but i think I remember IR saying that drilling under the lake is going on. I was also trying to remember how much historical drill core they had to turn in yet. It was a large amount from what I remember. These were to continue being sent in for assays.
That was something else I have noticed about the trading...every dip in the past 8 sessions has been a buying opportunity. Stock has pulled back intraday but seems to be able to close at or near the high. We are over the daily average volume again today. This stock is strong...like a bull.
We're only down 1% for the day now. That was a nice little turn around. I like being a Long.
Yes, popcorn is a staple! I watch volume closely, it can tell you a lot. Like today, for example. The stock is off a few percentage points, but look at the volume...almost nothing. So that is typical of corrective action...run up on big volume, retrace on dramatically lighter volume. Still looking good, imo, and cooling off a little is probably a good thing in advance of news (so we can store more potential energy for the next up leg).
Well said. I can't wait to see what happens here shortly. You've made some good points with the daily numbers and averages lately. I guess I haven't looked at it that way. I like. I think this show is going to need some popcorn...
sluice - yes, I hear you. As far as the bouncing up and down goes, apart from two corrections, the stock has been in a strong advance since bottoming at around forty cents. I bought the stock a couple of weeks ago after I finally got around to taking a closer look at the company. I had been given a heads up a couple of times on it but it took a while for me to react.
I think we are going to hear something relatively soon. On the daily chart, we've just been through six consecutive trading days where volume was greater than the daily average. We made a new 52 week closing high on volume and are now closing in on the all time high. That says to me that we could be trading in an area where there is no chart resistance when we get the next bit of news. So the $7 target on the cup and handle starts to look achievable over a relatively short span, potentially. And yeah, the numbers on the historical holes from SP are literally astounding.
tsl
well, actually, I'm okay with it really. I don't need confirmation from other people that these guys have a huge thing going on. I've seen this price bouncing up and down and all I can help but think is that there is some consolidation going on. I've been told that the window for the common stock has been narrowing quite a bit. Once they come out with their NI 43-101,which I heard could be before the year's end, hold on to your seats. Plus, that historical drill core is continuing to be sent in for assays as well. There certainly aren't too many companies floating around like this
No, not much. It's surprising considering the stock has been trading higher on huge volume and hit a new 52 week high to close the week. It doesn't seem to have much of a retail following though...
that's not all. Did you see this article posted on the Gold Report today? Check out all the good things they have to say about Colossus. Pretty nice. This and their presence at the New York Hard Assets Conference this monday and tuesday should drive the price up even more. This baby's gonna be huge!
http://www.theaureport.com/cs/user/print/na/2580
Anyone into this? Good thing going on. Talked to IR the other day. First batch of drill core have already been out for assays. Should see those results within the next two weeks. PGM sweeps sound like they're going to be standard from now on. Go Perth!
little bit of a run-up today. Wonder if there is a PR coming out. I'm a little curious as to how many hands these shares are trading. Heard a math break-down about the share structure and it almost seems that individual investors like myself may hold an overall 20% at the most. These were just estimates but it's pretty tight at that. That seems like a recipe for price jump on any good news.
Thanks to investorshub for letting me post that! Yeah, that was kinda cool to read. I'm psyched about these guys. It's a no brainer as to what they're sitting on when you look at the 3d model they've put together. It's pretty obvious to take a serious guess that these guys have discovered a larger deposit outside of the original pit.
Thanks for that!
I haven't even gotten that far into my research. I'll have to look into that though. I guess it does look like a pretty tight area they are working in though.
Have you talked to this company at all or heard them speak at any conferences?
lol... Well, I do wish that they would secure more land around the mine. But I'm not sure how possible that is.
sounds good. Now...what do we talk about besides the AWESOME results these guys have. The name itself is worth buying for really. That's why I did
I've been here all alone the entire time. It's good to have some company. :)
Yeah, I think we're gonna see some shakedowns going on here for a little bit. There's not many shares trading here and this is a tight company as far as share structure goes. Shakedowns and then a nice solid, steady move past those warrants or options they just issued. These guys are for real.
Man I have not been paying attention here lately, what a move!
Colossus Minerals Inc. Announces Cdn$21,500,000 Bought Deal Financing
Print
Not for distribution to United States newswire services or for
dissemination in the United States.
Toronto, Canada, February 12, 2009 - Colossus Minerals Inc. (TSX: CSI) (the “Company” or “Colossus”) announced today that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) led by Macquarie Capital Markets Canada Ltd. and including Canaccord Capital Corporation, GMP Securities L.P., Dundee Securities Corporation, Haywood Securities Inc. and Blackmont Capital Inc. which have agreed to purchase, on a bought deal basis, 10,000,000 units (the “Units”), each Unit comprised of one common share (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”) of the Company, at a price of CDN$2.15 per Unit (the “Offering Price”) for aggregate gross proceeds to Colossus of CDN$21,500,000. Each Warrant will entitle the holder to acquire one Common Share at a price of CDN$2.70 for a period of two years following closing In the event that the closing price of the Common Shares on the Toronto Stock Exchange is in excess of $3.75 for a period of 20 consecutive trading days at any time after the closing of the offering, the Company may, at its option, accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire at 4:00 p.m. (Toronto time) on the date which is the earlier of: (i) 30th day after the date on which such notice is given by the Company and (ii) the two year anniversary of the closing of the Offering.
The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 1,500,000 Units at a price of CDN$2.15 per Unit for additional aggregate gross proceeds to Colossus of CDN$3,225,000, exercisable at any time in whole or in part up to 30 days prior to the Closing Date. If this option is exercised in full, the aggregate gross proceeds to Colossus will be CDN$24,725,000.
The Units will be offered by way of a short form prospectus to be filed in all of the provinces of Canada, except Quebec.
The net proceeds are intended to be used to fund expenditures on the Serra Pelada project and other exploration activities and for general working capital and corporate purposes.
The offering is expected to close on or about March 9, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Colossus Minerals Inc. (TSX: CSI)
Colossus is an exploration and development Company focused on mineral resource properties in Brazil. The Company is currently focusing its efforts on the high grade gold-platinum-palladium Serra Pelada project in Para State, Brazil. Between 1980 and 1986 Serra Pelada was host to the largest precious metals rush in Latin American history. Coverage by 60 Minutes of this famous mining rush can be viewed at: http://sixtyminutes.ninemsn.com.au/article.aspx?id=299887. In addition, the Company has another drill-ready gold project, Natividade, in the State of Tocantins, Central Brazil.
On Behalf of the Board of Directors
COLOSSUS MINERALS INC.
Per: “Ari Sussman”
Ari Sussman,
Chief Executive Officer and Chairman
New to this board. Nice rally with the Feb 11th PR. Sounds like a great thing to be getting into. Not sure if anyone is here but I just thought I would say I was. Price yesterday was up about 50% I think. Might be wrong about that but I'm not really looking at that anymore. I notice it's down about 13% the day following. Looks like a shakedown to me.
Insider Trading Review (last 10)
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=csi
http://www.sedar.com/
Please find all company filings on SEDAR.
"www.sedar.com is the official site that provides access to most public securities documents and information filed by public companies and investment funds with the Canadian Securities Administrators (CSA) in the SEDAR filing system. The statutory objective in making public this filed information is to enhance investor awareness of the business and affairs of public companies and investment funds and to promote confidence in the transparent operation of capital markets in Canada. Achieving this objective relies heavily on the provision of accurate information on market participants."
Answers.com - 1980
commerce
"Brazilian miners discover the Serra Palada mine in January when a tree falls over in a rainstorm, baring rocks of gold. Prospector José Maria da Silva, 34, arrives in April, borrows money for food, finds 22 pounds of gold within 2 weeks, and on 1 day in September extracts 700 pounds of gold worth $4.75 million. The government bars all but Brazilians from the area."
http://www.answers.com/topic/1980
COLOSSUS-COOMIGASP program
Accomplished to date:
- completed a detailed topographic survey including the capture of remaining CVRD drill collars
- acquired 45,000m of CVRD drill core and advanced a program of re-sampling and re-assay program for gold, PGE’s and other elements of potential economic significance
- begun modeling of the historical drill hole database to guide drilling
- completed eleven drill holes (3350 metres) of an initial 5000m resource delineation campaign. The results of the three diamond drill holes for which assays have been received to date may be viewed by clicking on the respective number, SPD-001, SPD-002, SPD-004. SPD-001 may be viewed also on Section 100NE and SPD-002 may be viewed also on Section 00.
Program for 2008, budget C$6.6 million:
- finish the re-assay program and 3D geological model
- complete 8,000m of core drilling
- initiate baseline environmental studies
Program for 2009, budget C$9.0 million:
- conduct of a further 12,000m of diamond drilling
- establish a 43-101 compliant resource
- complete a scoping study leading to the application for a mining lease and a feasibility study in 2010.
http://www.colossusminerals.com/main/?SerraPelada
Serra Pelada NI-43-101 Report.
http://www.colossusminerals.com/UserFiles/File/19-12-07%2043-101.pdf
June 11, 2008 PR:
Colossus Minerals Inc. announces results from three drill holes, SPD-002, SPD-003 and SPD-004 from the Company’s ongoing program on the Serra Pelada Project, a Colossus-COOMIGASP joint venture.
HIGHLIGHTS
· SPD-002 intersected
46.72 metres @ 24.11g/t gold, 9.04g/t platinum and 11.57g/t palladium
(50.95g/t gold equivalent**) plus
14.65 metres @ 22.51g/t gold, 4.56g/t platinum and 5.01g/t palladium
(35.64g/t gold equivalent**)
· SPD-004 intersected
53.50 metres @ 5.35g/t gold, 2.51g/t platinum and 4.01g/t palladium
(13.20g/t gold equivalent**)
· Both holes exhibit very high grade Au- and PGE-rich subzones
· Drilling to date shows continuity of high grade gold-platinum-palladium mineralisation along 100 metres of strike length and vertical intervals of more than 50 metres in the Central Mineralised Zone up to 260metres southwest of the historic Serra Pelada open pit.
...
http://www.colossusminerals.com/main/?newsReleases&15
Colossus Minerals: Why I Should Have Listened
"Four times in the last few weeks I've been presented on a platter with the name Colossus Minerals (CSIMF.PK), and four times I looked at the evidence and dismissed it virtually out of hand. That was a mistake...a big, big mistake."
http://seekingalpha.com/article/81098-colossus-minerals-why-i-should-have-listened
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Business Description
"Colossus is an emerging mineral exploration and development company focused on Brazilian gold.
From the international experience of its principals, Colossus has developed useful geological models for gold and other mineralisation in the Brazilian Shield. These models are being utilised in area and project selection.
With a winning team and good connections in the financial markets, Colossus is poised to become a leader in the Brazilian and broader exploration scenes.
The Company expends great efforts in building relationships with garimpero groups, its venture partners including COOMIGASP, and local technical experts and companies; these efforts, under the guidance of Colossus’ skilled management team, have led the Company to a wealth of exploration opportunities." - Colossus Minerals web site
Investment Thesis
Share Structure
Issued and Outstanding | 58,099,788 |
Warrants | 21,464,899 |
Options | 3,575,000 |
Broker Units | 1,747,080 |
Fully Diluted | 84,886,767 |
TSX: CSI
OTC: COLUF
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